ALEXANDRIA, VA–StonebridgeCarras announced plans for a new development project it has in the works on Monday: a $400 million mixed-use project in the Hoffman Town Center consisting of 200,000 square feet of retail space and as much as 750,000 square feet of residential. The company has contracted with The Hoffman Co. for blocks 4 and 5 located next to the Eisenhower Metro Station.
At the same time, it is working with the City of Alexandria to modify the entitlements to accommodate the mix of uses and is negotiating with several retailers to anchor the second floor space, including a grocery store, health club and restaurant, it said. The ground floor will be reserved for street level retail.
The last time the developer built in the Carlyle submarket was an office buildings almost two decades ago. It is back again, CEO Doug Firstenberg said in a statement, because the potential of the Carlyle and East Eisenhower area is “tremendous.”
Firstenberg explained the reasoning for this mix of uses, particularly the heavy focus on retail, in a prepared statement.
The Hoffman Town Center provides an incredible mixed-use development that realizes the opportunities created by the tremendous infrastructure – not only the adjacent Metro Station but also the regional draw potential due to the tremendous access to the Beltway. There is also a significant void in this area to be filled due to the lack of retail and street activation. The adjacent AMC multiplex needs complimentary anchors and street retail to have the Hoffman Town Center realize its potential as the vibrant hub it can be for the area.
StonebridgeCarras hopes to complete the entitlement effort this year, begin construction in 2018 and open the project in 2021.
ALEXANDRIA, VA–StonebridgeCarras announced plans for a new development project it has in the works on Monday: a $400 million mixed-use project in the Hoffman Town Center consisting of 200,000 square feet of retail space and as much as 750,000 square feet of residential. The company has contracted with The Hoffman Co. for blocks 4 and 5 located next to the Eisenhower Metro Station.
At the same time, it is working with the City of Alexandria to modify the entitlements to accommodate the mix of uses and is negotiating with several retailers to anchor the second floor space, including a grocery store, health club and restaurant, it said. The ground floor will be reserved for street level retail.
The last time the developer built in the Carlyle submarket was an office buildings almost two decades ago. It is back again, CEO Doug Firstenberg said in a statement, because the potential of the Carlyle and East Eisenhower area is “tremendous.”
Firstenberg explained the reasoning for this mix of uses, particularly the heavy focus on retail, in a prepared statement.
The Hoffman Town Center provides an incredible mixed-use development that realizes the opportunities created by the tremendous infrastructure – not only the adjacent Metro Station but also the regional draw potential due to the tremendous access to the Beltway. There is also a significant void in this area to be filled due to the lack of retail and street activation. The adjacent AMC multiplex needs complimentary anchors and street retail to have the Hoffman Town Center realize its potential as the vibrant hub it can be for the area.
StonebridgeCarras hopes to complete the entitlement effort this year, begin construction in 2018 and open the project in 2021.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
